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UOB’s award against Lippo rises again to $82.5 million after court corrects judgement

The High Court had left out about $6.4 million in interest that should have been awarded to UOB in its August judgement. Read more at straitstimes.com.

The Straits TimesJoyce Lim2026-10-21 17:45查看原文 ↗

The Appellate Division of the High Court raised UOB’s award from $17.7 million to $76.1 million on Aug 24. It was further raised to $82.5 milllion after the court corrected its Aug 24 judgement.

Published Oct 21, 2026, 05:45 PM

Updated Oct 21, 2026, 05:45 PM

SINGAPORE - UOB’s award against Indonesian developer Lippo Marina Collection (LMC) has risen again, from $76.1 million to about $82.4 million, after the Appellate Division of the High Court corrected an omission in its August judgement.

The latest change adds about $6.4 million in interest that was left out when Justice Woo Bih Li raised UOB’s award from $17.7 million to $76.1 million on Aug 24.

The High Court had in 2022 found LMC, a unit of Lippo Group, liable for using unlawful means in a conspiracy with property agents to mislead the bank into disbursing inflated housing loans between 2011 and 2013 to 38 buyers of units at Marina Collection.

The conspiracy resulted in UOB losing a large amount of money after it disbursed about $182 million in inflated home loans, financing more than 100 per cent of the purchase prices of the high-end apartments.

The 124-unit Marina Collection in Sentosa Cove was developed and sold by LMC.

The High Court had initially awarded UOB $17.7 million in July 2025 for the bank’s losses.

The award was increased to $76.1 million on Aug 24 after UOB, represented by a legal team led by Eddee Ng of TKQP Law, successfully challenged the earlier calculation, which had deducted mortgage repayments and rental income received by the bank when assessing its losses.

LMC is represented by Senior Counsel Siraj Omar of Siraj Omar LLC.

In an updated judgement, the court amended the UOB’s award to $82.4 million. The sum was increased to address some errors discovered after Aug 24, noted the judgement.

Lawyers for both parties were informed of the updated sum in a letter from the court, which has the jurisdiction and power to amend a court order or judgement that had already been issued.

In response to queries from The Straits Times, the police said separately that it had concluded investigations into Lippo Group over an alleged offence of cheating and decided to take no further action on the matter.

“After careful consideration of the facts and circumstances of the matter, the Police, in consultation with the Attorney-General’s Chambers, have taken no further action on the matter,” said its spokesman.

The criminal investigation is separate from the civil lawsuit in which the High Court had found LMC liable for conspiring with the property agents to mislead the bank into disbursing inflated housing loans.

UOB had sought to recover $92 million in losses or $76 million in alternative scenarios.

The first scenario is on the basis that UOB would have given no loans. The second scenario is on the basis that UOB would have extended some loans but up to the cap imposed by the Monetary Authority of Singapore.

Marina Collection saw strong sales when it was launched for sale around December 2007. But after a series of property cooling measures introduced by the Government in 2009, sales fell from 30 units sold between December 2007 and June 2008 to just nine units for the whole of 2010.

For subsequent purchases, the developer gave purchasers substantial “furniture rebates”, of 22 per cent to 34 per cent which were used to offset the cash payments required for the purchases. These rebates were not disclosed to UOB, while the purchase documents showed higher prices.

This resulted in the bank granting larger loans than it otherwise would have. The excess amounts were paid to the buyers, giving each of them a significant cash benefit from the purchases.

At the time, banks were allowed to lend up to 80 per cent of the purchase price of a residential property.

UOB’s loans exceeded the cap based on the inflated purchase prices.

All 38 buyers eventually defaulted on their loans.

In a reply to The Straits Times, a UOB spokesman said the bank assesses housing loan applications based on many factors, including transaction and valuation documents provided by the borrower in relation to the purchase.

The spokesman highlighted safeguards after the transactions, including 2015 rules requiring developers to disclose the value and details of rebates, discounts and other benefits that are given to purchasers.

“UOB’s processes and controls remain robust and secure,” said the spokesperson, adding that the bank would continue reviewing them to ensure their effectiveness.

Property market/sector

8月24日，高等法院上诉庭将大华银行的赔偿金额从1770万美元提高到7610万美元。在法院更正8月24日的判决后，赔偿金额进一步提高到8250万美元。

发布于 2026 年 10 月 21 日下午 5:45

更新于2026年10月21日下午5:45

新加坡——大华银行 (UOB) 对印尼开发商力宝滨海购物中心 (LMC) 的赔偿金额再次增加，从 7610 万美元增至约 8240 万美元，此前高等法院上诉庭纠正了其 8 月份判决中的一项遗漏。

最新的变化增加了约 640 万美元的利息，这笔利息在 8 月 24 日胡必立法官将大华银行的赔偿金额从 1770 万美元提高到 7610 万美元时被遗漏了。

高等法院在 2022 年裁定，力宝集团旗下的 LMC 公司与房地产经纪人串谋，使用非法手段误导银行，在 2011 年至 2013 年间向 Marina Collection 的 38 位购房者发放虚高的住房贷款，因此负有责任。

该阴谋导致大华银行损失惨重，因为它发放了约 1.82 亿美元的虚高房屋贷款，为高端公寓的购买价格提供了超过 100% 的融资。

圣淘沙湾的 Marina Collection 共有 124 个单元，由 LMC 开发和销售。

高等法院最初于 2025 年 7 月判决大华银行获得 1770 万美元的赔偿，以弥补该银行的损失。

8 月 24 日，在由 TKQP 律师事务所的 Eddee Ng 领导的法律团队代表的大华银行成功推翻了之前的计算结果后，赔偿金额增加至 7610 万美元。之前的计算结果在评估银行损失时扣除了抵押贷款还款和收到的租金收入。

LMC 的代理律师是 Siraj Omar LLC 的高级律师 Siraj Omar。